The RE100 clean energy initiative, which brings together major companies committed to sourcing 100% renewable electricity globally in the shortest time possible, is off track to hit that target by 2030, a new report has said.
In its Corporate Energy Outlook, Bloomberg New Energy Finance (BNEF) said an extra 189TWh would have to be collectively acquired by 2030 to hit the target. The projected shortfall was found to be just 1TWh less than had been previously forecasted. If the RE100 members do purchase enough wind and solar to meet this shortfall, BNEF noted it would result in £80bn of new investment being used to deploy an additional 94GW of renewable generation capacity around the world.
The initiative saw 8.6GW of renewable energy purchased in the first half of 2019, with 5.95GW of this coming in the US. Just 950MW of purchases took place in Europe, the Middle East and Africa.